U.S. President Donald Trump announced that a 25% tariff would be imposed on all cars not manufactured in the United States, indicating that the new tariffs on imported cars and light trucks would be permanent. Following the statement, the stock prices of General Motors and Ford dropped in after-hours trading. Tesla's shares initially declined but recovered after Trump suggested that the tariffs might not affect them negatively.

Chuck Carlson, CEO of Horizon Investment Services in Hammond, Indiana, expressed skepticism about the longevity of the tariffs and anticipated possible exemptions or adjustments for certain U.S. automakers based on their supply chains. He believed that Trump would likely monitor the situation rather than retract the tariffs hastily, indicating that the tariffs could remain in place for some time.